Leading energy company ACWA Power has announced the financial closure for a $12bn gasification and power joint venture (JV) project that involves the acquisition of the first group of assets for the Jazan integrated gasification combined cycle (IGCC) facility.

The project is a JV agreement between Aramco, ACWA Power, Air Products and Air Products Qudra and represents the largest project finance agreement in ACWA Power’s history.

In addition to completing the commissioning, testing and commencement of operations of the plant, the JV will also see maintenance of Aramco’s Jaza refinery under a 25-year contract with Aramco.